4 Common Home Selling Mistakes You Should Avoid

If you thought buying a house was complicated, brace yourself because selling one can be just as, if not more, difficult. Not only do you have to deal with market conditions that seem to change on a dime, you also have to deal with frisky buyers, some of whom may make offers far below your expectations.

That’s all par for the course. But the real mistakes happen when you don’t do your homework and rush to sell your home without first making the necessary preparations. Below we look at four common mistakes people make when selling their homes.

Selling Your Home When You’re Clearly NOT Ready

Putting your home on the market can be an exciting endeavor, but it’s a process that you should be physically, mentally, and emotionally prepared for. You also have to be ready for the very real possibility that your home will sit on the market for weeks, if not months. So, if you need to close a sale to make a down payment on a new mortgage, be sure to set realistic expectations. Think about what this sale means for you and your family’s lifestyle. Do you have the liquidity for rent?

Going into the Market Blind

Before you decide to list your home, make sure you research the housing statistics of your local and neighboring communities. If your home is in a seller’s market, as is often the case in cities with high tourist traffic, many executives, or prime real estate, your outlook for selling at a price you want is naturally better.

On the other hand, if it’s in a buyer’s market, it may be necessary to wait until prices improve, otherwise, you need to be ready to sell at a price lower than you initially expected.

Not Working with the Right Listing Agent

Look for a listing agent who’s familiar with comparable properties (also known as comps) in your local and surrounding neighborhoods. You want someone who will act as a strong advocate on your behalf, a good communicator who values your sale just as much as you do.

Googling a list of listing agents in your area is a good way to begin your research, but nothing beats asking for referrals from family and loved ones. Narrow your choices to three agents before making a final decision on who to hire based on your conversations with them.

Pricing Too High

Obviously, any seller wants to get the most money from their home sale, but your emotions shouldn’t get in the way of logic and practicality. The most important factor that determines the price of your home isn’t the amount you paid to buy it, it’s the amount buyers paid for comparable homes in the area.

Comps are the biggest thing buyers and their agents will look for in a property. Things like location, local demand, and condition of the property come second. This means that if you’re pricing your property well above what comps have sold for, you can expect your home to sit in the market for months. And a home that hasn’t sold despite being listed for quite some time will only cause buyers to think that something is wrong with it, delaying your sale even more.

Don’t have the time or budget for these costs? You can always sell your home to a property investor like Blue Hen Homebuyers. We buy all kinds of homes, regardless of their age or condition. Call our offices today at 910-802-2222 to learn more about how we can help you.

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